Ann: Acquisition of Australian Petro Chemical Storage, page-9

You guys need to use your brain for a second:

if DGL are buying bigger and bigger businesses with AFTER TAX and AFTER INTEREST cash that is flowing in from existing operations, you can bi**h all you want about the acquisition (and debate the multiple), but you

CANNOT DENY the cash generation.

The day DGL announce that they have made a $30mln acquisition from operating cash flow, you should be rejoicing that this amount of money is being generated after paying tax and interest expense.

NOW ADD UP all the acquisitions made over a rolling 12-month period funded by cash!!